Final answer:
'The bubble' refers to an economic phenomenon where the value of a particular asset becomes artificially inflated and then collapses, leading to financial crises and recessions. Examples include the housing bubble in the mid-2000s and the dot-com bubble in the late 1990s.
Step-by-step explanation:
'The bubble' refers to an economic phenomenon where the value of a particular asset, such as housing or stocks, becomes artificially inflated and then collapses. This can lead to financial crises and recessions. For example, the housing bubble in the mid-2000s saw housing prices increase significantly before crashing in 2007 and 2008, contributing to the Great Recession. Similarly, the dot-com bubble in the late 1990s saw a rapid increase in the value of internet-based companies before the bubble burst. These bubbles occur when investors drive up prices based on speculation and unrealistic expectations, creating an unsustainable situation.